Mark Haley is uncertain about the steps used to prepare

Mark Haley is uncertain about the steps used to prepare a production cost report. State the procedures that are required in the sequence in which they are performed.

Mar 15 2013 01:08 PM

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Priyanka J
answered on December 20, 2013

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<p>
<p class="MsoNormal">A production cost report shows all cost chargeable to a department. . It is the a summary for preparing journal entries and also is the most convenient way of presenting and disposing cost accumulated during the period.</p>
<p class="MsoNormal">A cost of product report includes following:</p>
<p class="MsoNormal">1. Total unit costs that are transferred to it from preceding department</p>
<p class="MsoNormal">2. Cost added by department such as material, labor, factory overhead etc.</p>
<p class="MsoNormal">3. Unit cost added...

y department.</p>
<p class="MsoNormal">4. Total cost and unit cost accumulated at the end of operations in the department.</p>
<p class="MsoNormal">5. The cost of beginning and ending work in process inventory.</p>
<p class="MsoNormal">6. Cost transferred to next department or to a finished good inventory.</p>
<p class="MsoNormal">&nbsp;</p>
</p>

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